Gold prices rose by Rs 180 to Rs 31,600 per 10 gram. In the national capital, gold of 99.9 per cent and 99.5 per cent purity climbed by Rs 180 each to Rs 31,600 and Rs 31,450 per 10 gram, respectively. Silver rate shot up by Rs 180 to Rs 37,680 per kg.

Chief Minister HD Kumaraswamy said that he hoped the move will give some relief to consumers. The reduction in petrol and diesel prices by Karnataka comes after Andhra Pradesh, West Bengal and Rajasthan cut fuel prices by Rs 2, Rs 1 and Rs 2.5 per litre respectively.

Gold prices fell by Rs 200 to Rs 31,400 per 10 gram at the bullion market on Friday, reported news agency Press Trust of India (PTI). The dip in gold prices is due to weak demand from jewellers and retailers even as the metal strengthened overseas. Silver also followed suit and fell by Rs 250 to Rs 37,650 per kg due to reduced offtake by industrial units and coin makers. According to analysts, muted demand from local jewellers and retailers at the domestic spot markets mainly kept pressure on the precious metal, but a firm trend overseas capped the fall.